How Architects and Builders Benefit from the Section 179D Tax Deduction
Possessing or running more energy-efficiently built or renovated buildings may boost your cash flow by lowering your federal income tax obligation for the current year. Designers of buildings owned by the government can also often benefit from this tax-deferral method. To shed more light, we’ve tried to answer the top frequently asked questions below. The […]
Unmasking Misconceptions About Cost Segregation
Cost segregation studies are a powerful tax planning strategy that can lead to tax savings for property owners. However, several common misconceptions persist despite their benefits, causing many to miss out on the potential advantages. Let’s debunk these myths, helping you make informed decisions and maximize the benefits of cost segregation. Myth 1: Cost Segregation […]
Boost Your Client’s Business with Cost Segregation: Unlock Hidden Tax Savings
Tax Day has long come and gone, but dedicated CPA firms have already started planning how to reduce your clients’ business tax burden for next year. One powerful, often overlooked strategy is cost segregation, a method that can significantly increase your clients’ cash flow and reduce tax liability by reclassifying assets into shorter tax lives, […]
Unlock Peak Efficiency with Energy Modeling: The Key to Driving Environmental Sustainability and Cost Efficiency
In today’s world, achieving environmental sustainability targets is not just an option—it’s a necessity. Energy Modeling stands at the forefront of this mission, providing critical, quantifiable insights that modern building services design experts can leverage to ensure energy efficiency and optimal performance. Understanding your building’s energy consumption before construction is vital. Energy Modeling and performance […]
Impact of IRA and IIJA on Commercial Lighting Upgrades
Despite the uncertain economic conditions in the future, the Infrastructure Investment Jobs Act (IIJA) and the Inflation Reduction Act (IRA) for energy-efficient interior lighting renovations can provide good relief to for-profit and nonprofit organizations. Not only are the improvements financially feasible, but better lighting systems also save money as they have lower running expenses with […]
Tax Extenders Legislation Still Tied Up At the Senate
The House approved the $78 billion Tax Relief for American Families and Workers Act at the end of January and forwarded it to the Senate. However, Republicans, including ranking member Sen. Mike Crapo, R-Idaho, have opposed the idea, as the Senate Finance Committee has not yet marked up the legislation. A spokesman pointed out that […]
IRS Notice 2023 and How It Impacts R&D Tax Credits
Today, the IRS has unveiled an early release of Notice 2023-63 , designed to offer preliminary guidance aimed at clarifying the application of section 174, as modified by Pub. L. No. 115-97, often referred to as the “Tax Cuts and Jobs Act” (TCJA). This notice encompasses guidance on the following matters: 1. Capitalization and amortization of […]
Tax Relief Act: Where We Are at With the Bipartisan Bill?
The bipartisan bill offers tax incentives popular with businesses, such as full, immediate deductions for many capital investments, which the 2017 federal tax overhaul extended until 2022. It would also allow corporations to deduct domestic research and development expenditures immediately rather than over a five-year period as required under the 2017 tax legislation. According […]
Breaking Down the Tax Relief for American Families and Workers Act of 2024
The House Ways and Means Committee has revealed a bipartisan package to give tax relief by renewing specific previously expired programs. Still, it will be paid for by adjustments to the Employee Retention Credit. The Tax Relief for American Families and Workers Act of 2024 provides the following: Restores 100% bonus depreciation for properties placed […]
Families and Businesses To Receive Significant Tax Breaks Under Improved Bipartisan Tax Deal
Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) have announced a bipartisan tax framework that promotes working families’ financial security, increases growth and competitiveness, and strengthens communities and Main Street businesses. Senate Finance Committee Chairman Ron Wyden (D-Ore.) stated, American families will benefit from this […]